Summary Spotify revenue for fiscal 2016 grew by an impressive 52% to 2.93 billion euros ($3.5 billion) with paid subscriptions accounting for 90% of the revenue. However, profitability remains a concern, thanks to increasing licensing and operation costs. Losses in 2016 grew 200% or doubled to 557 million euros ($660 million). To avoid the heartache of an IPO, Spotify has...